丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 持续推荐板块优质红马，配置短期低估值寿 险股 报告要点 [Table_Summary] 二季度政策端与市场交投趋势稳中向好，我们认为优质的非银行业红马配置性价比仍较高，从盈利和分红 的稳定性维度出发，推荐江苏金租、中国平安及中国财险。寿险行业当前估值仍隐含了市场对于中长期较 为悲观的假设，我们认为在当前较为积极的政策环境和行业实际盈利情况来看，估值修复空间较大。推荐 新华保险、中国太保及中国人寿。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 2025-06-08 [Table_Title 持续推荐板块优质红马，配置短期低估值寿险 2] 股 [Table_Summary2] 核心观点： 1）二季度至今政策端与市场交投趋势稳中向好，展望后续，业绩基数有所上移，政策端维持 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The fundamentals of the non-bank financial industry are improving, with low valuations and expectations for policy catalysts [1]. - The non-bank financial sector has outperformed the CSI 300 index recently, with significant gains in the securities and multi-financial sectors [8][9]. - The report highlights the potential for growth in the insurance sector due to recovering premium income and increased equity investments [20][21]. Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the CSI 300 index in the last four trading days, with securities up 2.55%, multi-financials up 2.22%, and insurance up 1.03% [8]. - Year-to-date, the insurance sector has shown the best performance, with a 1.08% increase, while multi-financials have decreased by 3.93% and securities by 8.78% [9]. 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has significantly increased, with June's average daily trading amount reaching 13,631 billion yuan, a 65.74% year-on-year increase [13]. - The China Securities Regulatory Commission (CSRC) is pushing for reforms in the capital market to support technology and innovation [17]. - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2025 [18]. 2.2 Insurance - Life insurance premiums have shown a recovery, with total premiums for the first four months of 2025 reaching 20,966 billion yuan, a 1.8% year-on-year increase [20]. - The insurance sector's investment in equities has increased, with a notable shift towards bonds and stocks [23]. - The insurance sector's valuation is currently between 0.57-0.93 times the expected 2025 embedded value (P/EV), indicating a historical low [27]. 2.3 Multi-Financial - The trust industry saw its assets grow to 29.56 trillion yuan by the end of 2024, but profits fell by 45.5% [31]. - The futures market experienced a significant increase in trading volume and value, with April 2025 figures showing a 21.49% increase in volume and a 23.92% increase in value year-on-year [36]. - The report suggests that innovation in risk management will be crucial for the future development of the futures industry [39]. 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector as the most favorable, followed by securities and other multi-financials [44]. - Key recommended companies include New China Life Insurance, China Pacific Insurance, China Life Insurance, China Ping An, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [44].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company is a leading global ship leasing firm with five core advantages: strong backing from China Shipbuilding Group, an excellent business model combining fixed and flexible income, early green transformation with 89% of its fleet being energy-efficient vessels, good qualifications leading to low financing costs (3.56% in 2024), and a high dividend yield exceeding 7% [4][14]. Industry Overview - The ship leasing industry is expected to see strong demand supported by several factors: steady global economic growth driving trade volume, increasingly stringent environmental regulations necessitating the replacement of older vessels, and a high average age of the global fleet at 17.4 years, indicating a peak period for replacing aging ships [11][23][40]. - The penetration rate of ship leasing is anticipated to increase due to the advantages of leasing, such as lower capital requirements and flexible payment options, with the current leasing penetration for container ships at 55.37% by number and 47.69% by TEU [52][57]. Company Analysis - The company benefits from a robust industry background and resources, allowing it to identify and capitalize on industry cycles effectively [11][14]. - Its business model enhances growth potential through a mix of fixed and flexible income, allowing the company to better capture the benefits of market upturns [12][14]. - The fleet's average age is only 4.03 years, significantly younger than the global average, which reduces environmental compliance pressures [12][14]. - The company maintains a low financing cost of 3.56% in 2024, with expectations for further improvement due to global interest rate trends [12][14]. Financial Projections - The company is projected to achieve total revenues of 43.81, 46.22, and 49.68 billion HKD from 2025 to 2027, with corresponding growth rates of -1.35%, +5.51%, and +7.47% [16]. - Net profits for the same period are expected to be 22.79, 24.41, and 26.61 billion HKD, with growth rates of +8.22%, +7.10%, and +9.03% [16].

截至2025年6月6日收盘，国投资本（600061）报收于7.12元，较上周的6.97元上涨2.15%。本周，国投 资本6月6日盘中最高价报7.2元。6月3日盘中最低价报6.94元。国投资本当前最新总市值455.25亿元，在 多元金融板块市值排名2/28，在两市A股市值排名295/5148。 本周关注点 公司公告汇总：截至2025年5月30日收盘，国投资本尚未实施股份回购，累计已回购股数0股 公司公告汇总 国投资本股份有限公司关于以集中竞价交易方式回购公司股份的进展公告指出，回购方案首次披露日为 2025年4月10日，实施期限从2025年4月9日至2026年4月8日，预计回购金额介于20000万元到40000万元 之间，回购用途为用于转换公司可转债。截至2025年5月30日收盘，公司尚未实施股份回购，累计已回 购股数为0股，占总股本比例0%，累计已回购金额为0元，实际回购价格区间为0元每股到0元每股。 2025年4月9日，国投资本召开九届二十二次董事会审议通过了以集中竞价交易方式回购公司A股股份的 议案，回购资金总额不低于人民币2亿元且不超过人民币4亿元，回购价格不超过人民币8.90元每股，回 购股份实施期限 ...

Core Insights - Southeast Asia has a solid foundation for the development of the fintech industry, which includes payments, internet lending, insurtech, and virtual assets [1][2][3] Economic Vitality - The combined GDP of major Southeast Asian countries is approximately $3.3 trillion, accounting for about 19% of China's GDP in 2023, with a growth rate around 5% [3][6] - The region has a population exceeding 630 million, with a healthy demographic structure, where a significant portion of the population is under 40 years old [6] - Final consumption expenditure in Southeast Asia is about $2.2 trillion, roughly 24% of China's, with many countries experiencing a year-on-year growth rate of over 4% [6] Infrastructure Support - Southeast Asia possesses relatively advanced infrastructure, with internet penetration, social media usage, and mobile device usage rates surpassing those in China before 2015 [7][8] - The development of fintech relies on digital technologies, requiring sufficient data accumulation and internet penetration to support services like mobile payments and internet lending [7][8] Policy Environment - The regulatory environment in Southeast Asia is friendly towards fintech, with no explicit restrictions on certain sectors and the implementation of "sandbox" regulations to encourage innovation [9] Digital Payment Landscape - Cash transactions still dominate, with 44% of transactions in Southeast Asia expected to be cash-based in 2024, indicating a significant opportunity for digital payment penetration [10][11] - The pandemic has shifted consumer payment habits, with 56% of residents reducing cash usage and 33% using e-wallets for the first time during this period [11] - Major digital payment methods include card payments, e-wallets, account-to-account (A2A) payments, and buy now, pay later (BNPL) options [14][15] Competitive Landscape - The payment landscape in Southeast Asia is fragmented, with local players dominating and no single "super app" like WeChat or Alipay emerging [17] - In the Philippines, Gcash shows a monopolistic trend with nearly 100% consumer usage, while in Indonesia, several e-wallets like DANA and ShopeePay compete closely [18][19] - Each country has its preferred payment methods, with Malaysia favoring Touch'n Go, Thailand leaning towards TrueMoney, and Vietnam predominantly using MoMo [19][20][21]

Core Viewpoint - The credit rating report for Guangzhou Yuexiu Capital Holdings Group Co., Ltd. indicates a stable credit rating of AAA, supported by strong shareholder strength, competitive core business, and smooth financing channels. However, it also notes challenges such as weakened profitability due to slow macroeconomic recovery and increased risk management demands from rapid growth in futures business [4][5][6]. Company Overview - Guangzhou Yuexiu Capital Holdings Group Co., Ltd. has a diversified financial service system with a core industry structure of "bad asset management, financing leasing, investment management + strategic investment in CITIC Securities" [7][12]. - The company is a significant player in the financial sector, with a strong operational capability and a clear investment function positioning [21][22]. Financial Performance - The company's total assets reached 1871.70 billion yuan in 2023, with owner’s equity at 415.46 billion yuan and net profit of 33.20 billion yuan [9][12]. - The operating income for 2023 was 147.93 billion yuan, reflecting a year-on-year growth of 4.39% [24][25]. - The company’s debt levels have been increasing, necessitating close monitoring of leverage control [8][9]. Risk Management - The rapid growth in the futures business has raised the requirements for risk control, and the company must focus on maintaining asset quality amid rising debt levels [5][8]. - The company has established a comprehensive risk management framework, which has been effective in preventing significant risk events in recent years [23][24]. Industry Context - The company operates in a robust economic environment in Guangzhou, which is characterized by a strong industrial base and high levels of foreign trade [20][21]. - The macroeconomic outlook for China remains cautiously optimistic, with expected GDP growth around 5% for 2024, driven by industrial production and investment [19][20]. Business Segments - The main sources of revenue for the company include financing leasing, bad asset management, and futures business, with futures business showing significant growth [24][26]. - The financing leasing segment has been expanding into renewable energy projects, indicating a strategic shift towards green finance [26][27]. Asset Quality - The asset quality of the leasing business has remained stable, with a decrease in non-performing assets and a sufficient provision coverage ratio [30][31]. - However, there is an increase in overdue payments from some lessees, which requires ongoing monitoring [31][32].

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6]. Core Views - The company plans to issue shares overseas and list on the Singapore Exchange, which is expected to enhance its overseas funding capabilities and accelerate its business expansion in Southeast Asia [1]. - The company has initiated preliminary exploration in the Real World Assets (RWA) sector, focusing on the tokenization of high-value assets and the integration of digital currency into its operations [2]. - The high-altitude work platform business is progressing steadily, with a stable market landscape and increasing rental rates, indicating strong operational efficiency and market share growth [3]. Summary by Sections Investment Outlook - The company is projected to achieve net profits of 850 million, 1.12 billion, and 1.36 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 32%, and 21% [4]. - Earnings per share (EPS) are expected to be 0.43, 0.56, and 0.68 yuan per share for the same years, with corresponding price-to-earnings (P/E) ratios of 24, 18, and 15 times [4]. Financial Performance - The company's revenue is forecasted to grow from 4.44 billion yuan in 2023 to 9.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [5]. - The gross profit margin is expected to remain stable, with projections of 46.5% in 2023 and gradually increasing to 47.1% by 2027 [10]. Business Development - The company is actively expanding its high-altitude work platform business, achieving a rental rate of over 88% by the end of April 2025, with a market share exceeding 30% in domestic sales [3]. - The company is also diversifying its service offerings, including the development of heavy-duty drones and forklifts, which are expected to contribute to new growth drivers [3].

Market Overview - The three major stock indices collectively rose today, with nearly 4,000 stocks increasing in value. Key sectors showing strong performance include brokerage firms and diversified financials, as well as consumer goods and innovative pharmaceuticals [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.15 trillion, indicating no significant increase in trading activity [1] Sector Performance - The beer and soft drink sectors performed well, driven by seasonal demand due to high summer temperatures. Stocks such as 嘉美包装 (Jia Mei Packaging), 乐惠国际 (Le Hui International), and 永顺泰 (Yong Shun Tai) hit their daily limit [1] - Recent trends show a concentration of capital in specific sectors, with significant interest in metals, non-metals, and mining due to rising global risk aversion and domestic resource policies. Key stocks include 紫金矿业 (Zijin Mining) and 赤峰黄金 (Chifeng Jilong Gold Mining) [5] - The electric equipment sector, particularly in renewable energy and nuclear power, is benefiting from technological breakthroughs and policy support. Notable stocks include 宁德时代 (CATL) and 中超控股 (Zhongchao Holdings) [5] Investment Trends - There is a noticeable trend of large funds "hugging" certain stocks, leading to repeated speculation on a few hot topics. This has resulted in significant short-term profit opportunities, although the sustainability of this trend is questionable [6] - High-profile stocks have seen substantial price increases without strong fundamental support, indicating that the market is driven by speculative trading rather than underlying business improvements [5][6] - Recent data shows that some high-performing stocks have experienced insider selling, with executives from 凯因科技 (Kain Technology) and 均瑶健康 (Jun Yao Health) reducing their holdings significantly [7][8]

多元金融 证券研究报告 十问稳定币 华泰研究 2025 年 6 月 03 日│中国内地 动态点评 美、港（中国香港）立法凸显战略考量 2025 年 5 月 19 日和 21 日，美国和中国香港分别通过稳定币相关立法，明 确了稳定币监管框架，这是继比特币 ETF 之后，对加密货币认可的又一里 程碑事件。美国和中国香港对稳定币的监管规则制定持积极态度，稳定币被 视为未来数字金融基础设施的重要组成部分，均希望通过正确管理稳定币， 进一步扩大法币的影响力，巩固各自金融中心地位。我们梳理了十条问题， 作为投资者了解稳定币的参考。 1. 什么是稳定币？稳定币是基于区块链技术的加密货币，客户通过支付法 币获得区块链上的稳定币。稳定币主要与法币（美元为主）以固定兑换比例 挂钩，才称之为稳定币。截至 2025 年 6 月 2 日全球稳定币总市值超过 2,300 亿美元，其中 USDT 和 USDC 合计市值 2,140 亿美元，占比约九成。 2. 稳定币的主要用途是什么？稳定币是一种较为纯粹的支付手段，其价值 锚定法币，没有利息，增值属性弱。稳定币省略了传统支付方式中必须的中 心节点和基础设施，从而起到降低支付成本，提升支付效 ...

Group 1 - The multi-financial concept is gaining strength, with companies such as Xiangyi Rongtong (600830) and Nanhua Futures (603093) hitting the daily limit up [1] - Other companies like Luxin Venture Capital (600783), Sichuan Shuangma (000935), Xinli Finance (600318), and Zhongyou Capital (000617) are also experiencing upward movement [1]